Ghana 2012 Budget Calls for Mining Tax Hikes
Ghana, with gold production totaling about 3 million oz/y, is the second-largest gold mining nation in Africa after South Africa. Major producers AngloGold Ashanti, Newmont and Gold Fields have operations in the country, as do a number of mid-tier producers. A statement from Gold Fields November 18, 2011, said the company had noted the budget announcement. "We require more details of the proposed tax changes to further assess their potential impact. Accordingly, Gold Fields is not yet in a position to advise shareholders on implications for the company. Once we have completed our assessment we will provide shareholders with further informa-tion," the statement said.
Toni Aubynn, CEO of the Ghana Chamber of Mines, in a phone interview with Ghana Business News, said the taxes would result in lower mining investment in the country; while Ghana Business News also reported that the Ghana Mineworkers' Union commended government for intro-ducing the windfall profit tax, saying the union hoped the government would be res-olute in its successful implementation.